After four decades of little or not growth, the Jamaican economy is expected to grow at 1-2% over the medium term. The country is confronted by serious social issues that predominantly affect youth, such as high levels of crime and violence and high unemployment.
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Sound legislative oversight of public
finances is crucial to ensure efficiency and effectiveness
of public spending. All national governments, and
particularly thos... Show More +e that are accountable to their citizens
through free elections and the voice of civil society, are
concerned with the efficiency and efficacy of public
finances. More broadly, well-functioning parliaments promote
good governance; enhance transparency and accountability,
including for public expenditures and their results; widen
public discourse on national priorities and options; and
build better partnerships between officials and
representatives and their electorate. In all this, those
among the citizenry with the least have the most to gain.
This report responds to a request from the Government of
Jamaica to review the structure and capacity of the
Parliament of Jamaica to undertake its constitutional role
with respect to oversight of the nation's public
finances. Jamaica's Parliament is the country's
supreme legislative body, consisting of an elected House of
Representatives and an appointed Senate (Upper House), as
well as the Queen or her representative, as the ceremonial
head, and the Governor General. The Government of Jamaica
has amended various legislations to adopt a Fiscal
Responsibility Framework (FRF). The FRF includes specific
fiscal targets as well as provisions to include the Ministry
of Finance (MOF) and public service control over
expenditures and lending. Show Less -

The World Bank has been at the global
forefront in research on remittances. Studying over twelve
bilateral remittance corridors thus far, the financial
market integ... Show More +rity unit has focused its research on remittance
market integrity issues and the specific incentives
influencing the choices of channels to send money home.
Initially conducted at the request of Department of Finance,
Canada, this corridor, Canada-Caribbean, has clearly
distinguished itself from other bilateral remittance
corridors studied in the past. At the originating end of
this corridor, these distinguishing features include a
country that, throughout its history, has made immigration
one of its primary social and economic building blocks. This
corridor focuses on Jamaica and Haiti, two of the
Caribbean's primary labor exporters and also the
countries with the two largest Caribbean communities in
Canada. Given the importance of remittances in the region,
there is a need for effective, yet proportionate regulation.
Risk must be effectively mitigated along potentially
vulnerable routes, while innovation, competition and
transparency in the remittance markets must be encouraged.
Regulatory frameworks that reflect local conditions and are
proportionate to the risks involved will facilitate the
provision of services of the highest quality to migrants and
their families. It is hoped that research provided from this
study will generate policy dialogues among all relevant
stakeholders, and assist national authorities in their
efforts to effectively regulate and supervise the remittance
markets. National authorities should continue to encourage
the use of formal transfers and develop more reliable and
competitive remittance channels. These channels must
efficiently meet the varied needs of Caribbean migrant
workers and their families in the safest and most secure
environment possible. Show Less -